High Carbon Ferro manganese prices remain flat W-o-W owing to persistent low demand.
High Carbon Ferro manganese prices were unchanged owing to lack of trade in the market. Sources continue to suggest that there were minimal activities in the market and believe that the market condition is unlikely to change in near future. Current prices for 70% grade are settled at INR 56,500/MT (ex-Raipur) and INR 57,000/MT (ex-Durgapur). Indian producers said there was no sign of a pickup in inquiries from consumers, as the steel market in general met with very poor demand.
“There have been some production cuts, but there is definitely no shortage going on here, and mills will continue to pressure prices lower,” stated a Durgapur based producer.
Export Market
Indian Ferro manganese export offers remain flat this week with most international buyers not inquiring for the material. No deals could be confirmed this week in the export market, as sources pegged tradable prices in the same range as before. Export offers or 70% min is stagnant at around USD 930 /MT FoB India (EastCoast) and 75% min at around USD 1,000 /MT FoB India (EastCoast).
Most market participants believe that prices would remain at these levels over the next few weeks.
Exchange Rate: USD 1 = INR 61.7
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